ISLAMABAD: In a key development, the Board of Directors of SME Bank Limited has formally approved the Action Plan for winding down its subsidiary, SME Leasing Limited, further aligning the move with the ongoing liquidation process of the parent institution.
According to an official notification shared with the Pakistan Stock Exchange, SME Bank’s board ratified the wind-down strategy during its 136th meeting held on May 8, 2025. This decision follows an earlier resolution by the Board of SME Leasing Limited itself.
However, implementation of the plan still awaits shareholder endorsement at a forthcoming general meeting.
Simultaneously, the Islamabad High Court, through an order dated March 17, 2025, approved the liquidation of SME Bank and appointed the State Bank of Pakistan (SBP) as the official liquidator. In compliance with this court directive, SBP has nominated Mr. Adnan Imran, Chief Manager of its Islamabad office, as the designated liquidator of SME Bank Limited. Mr. Imran formally assumed his responsibilities at the close of business on May 9, 2025.
As per the notice, while greenlighting the winding down plan for SME Leasing—which includes the option of selling it as a going concern—the SME Bank board directed management to inform the Securities and Exchange Commission of Pakistan (SECP) about the status of liquidation. It also requested that SECP defer the scheduled mid-May hearing on SME Leasing to provide sufficient time for the newly appointed liquidator to assess the company’s affairs and align its wind-down with the broader liquidation strategy of SME Bank.
The bank’s Head of Compliance and Risk Management, Abdul Razzaq, has formally communicated this request to SECP, emphasizing the need for procedural synchronization to ensure a smooth resolution process. Copies of the communication have also been shared with relevant officials in the Finance Division and other regulatory bodies.
